SANTA CLARA, Calif. (
) -- The
Securities and Exchange Commission
has announced that around $67 million will be distributed to investors following
2006 financial fraud settlement.
The security software specialist, which was formerly known as Network Associates, agreed to pay $50 million in penalties to settle SEC charges that it defrauded investors by overstating revenue and earnings. A "fair fund" for distributing the money was subsequently created, and officials say that more than 16,000 McAfee investors harmed by the fraud are in line for a payout.
Proceeds from three other settlements related to the McAfee fraud have also been added to the Fair Fund, bringing its total value to around $67 million.
McAfee CEO Dave DeWalt,
, has worked hard to draw a line under McAfee's former accounting problems, transforming the software maker into one of the security sector's
Repeatedly highlighted as an
for investors, McAfee was one of
top tech picks for 2009
Seen as one of the
stocks, McAfee has been
McAfee comfortably beat analysts' sales estimate in its
and gave bullish guidance for the current quarter.
The company's shares dipped 26 cents, or 0.65%, to $39.98 on Monday, as the
-- Reported by James Rogers in New York
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